- Ethereum is trading above the 200 EMA which is offering support at $171.17.
- ETH/USD technical levels stay intact; sideways trading expected above $170.00 support.
The 15-minutes chart for ETH/USD shows an asset that is correcting higher within a rising channel. From the support established at $167, Ethereum scaled the levels at $170 and even tested the next resistance at $173.00. As discussed in the cryptocurrency market update, cryptocurrencies are turning back to green following a series of consolidation sessions.
Ethereum, for instance, is up 1.06% on the day to trade at $172.12. The price is above the 200 moving average exponential (EMA) 15’ which is offering support at $171.17, the 50 simple moving average (SMA) currently at $170.57 and the 100 SMA 15’ at 169.78.
According to technical analysis, ETH/USD has a short-term bullish bias. The RSI is ranging slightly under other overbought. The indicator retracted from the region above 70.00 earlier today when Ethereum failed to break above $173.00. The raging trend shows that the price is likely to start consolidation above the 200 EMA. Moreover, the MACD shows that the bulls are in control. The indicator is well inside the positive region although it has stopped moving north and is embracing the ranging trend.
Apart from the 200 EMA support, traders should look out for $171.00, and $170.00 support areas. Other levels that will function as anchors in case of extended declines are $168.00, $167.00 and $160.00.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.